Program aims to transform foreclosed properties

January 25, 2010 2:41:10 PM PST
Chicago is going to receive $98 million in federal funds to help acquire and rehab foreclosed properties. Mayor Daley and Senator Dick Durbin made the announcement Monday morning.

The goal is to put as many as 2,500 properties on the South Side back in use. The Neighborhood Stabilization Program helps transfer ownership from financial institutions to approved redevelopment partners.

"With this money, we expect to target an additional 1,500 units of housing, so that ever the next three to five years we will put as many as 2,500 vacant or closed properties back in use by helping to transfer ownership," said Mayor Daley.

Chicago received millions of dollars last year for this program.

To date, the city has purchased 95 properties and will add another 101 within 30 days.